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About money laundering
Money laundering involves activities and transactions aimed at making it appear as though money from criminal activities was acquired honestly. The purpose of money laundering is to conceal the origin of illegally obtained money, thus obstructing law enforcement. Crimes that originally generated the money may include tax fraud, robbery, drug trafficking, human trafficking, or arms trafficking.
Legislation
All financial institutions must have routines in place to ensure that their activities are not used for money laundering. According to the Money Laundering Act, ClearOn must identify each customer before establishing a business relationship and/or making a transaction. We must also determine the purpose of a customer’s activities, and get an idea of how the relationship will look in the future.
The impact on you as a customer
Before you begin using our services, we must ask you to confirm your identity with a piece of valid ID or through electronic identification. We also need to know the purpose of your intended service or transaction, and how you will be using our services.
If you are a business customer, we will also need information about the company’s business activities and ownership.
When you use our services, we may also ask you additional questions regarding the purpose of a transaction, as well as where the money for the transaction comes from. We are required to learn whether you are, or have been a politically exposed person (PEP).
About terrorist financing
The Money Laundering Act also covers terrorist financing. Control measures implemented to prevent money laundering are also aimed at preventing financial companies and banks from participating in the financing of terrorism, e.g. by making payments to recipients engaged in such activities.
In order to prevent ClearOn from being used for terrorist financing, we are not permitted to carry out transactions for persons or organisations that are on the EU sanction lists. We are required to perform control checks of official registries of individuals and organisations that the authorities believe may be linked to terrorist activities. We must also work to prevent the financing of terrorism in general.
All customer information is handled confidentially and is covered by the Privacy and Personal Data Act.
This is how to prevent money laundering and terrorist financing –
See our animated video below!
(Only in Swedish)
